Westchester vs Fairfield: Buyer Costs Compared

Comparing Westchester and Fairfield for your next home? The buyer costs on each side of the line are not the same, and small differences can change your cash to close. If you want a clear picture before you write an offer, you are in the right place.

In this guide, you will see how buyer-side taxes, fees, and lender prepaids differ between Westchester County, NY and Fairfield County, CT. You will also get a simple worksheet you can copy, plus a short list of what to confirm with your lender, attorney, and closing agent. Let’s dive in.

What changes across the border

New York and Connecticut handle closing costs differently. In Westchester, you should plan for New York’s buyer-facing mansion tax on $1,000,000 or higher purchases and a mortgage recording tax if you finance. In Fairfield, there is no blanket buyer mansion tax at $1,000,000, and recording charges are typically fixed-fee rather than percentage-based.

Custom also differs. In many Connecticut transactions, the real estate conveyance tax is commonly treated as the seller’s cost, but this is a contract point you should confirm for your specific town and deal. In both counties, you will pay title, recording, and lender-related items at closing.

Taxes that impact buyers

Westchester: mansion and mortgage taxes

If you buy at or above $1,000,000 in Westchester, plan for New York State’s purchaser-paid mansion tax of 1% of the purchase price. This is separate from other transfer taxes and recording fees. If you take a mortgage, New York also imposes a mortgage recording tax that the borrower commonly pays at closing. Exact rates and any exemptions vary by locality and lender type, so confirm with your lender and the county or town clerk.

New York also has a state real estate transfer tax that applies to conveyances. Payment responsibility is separate from the mansion tax and is set by law and contract. Your attorney will verify the current mechanics and filing requirements for your specific transaction.

Fairfield: conveyance and recording fees

Connecticut charges a real estate conveyance tax on transfers. In many Fairfield County deals, this is commonly treated as the seller’s cost, though it is ultimately determined by local custom and the contract. Buyers still pay to record their deed and, if financing, their mortgage, but these charges are typically fixed fees rather than a percentage-based mortgage tax.

There is no blanket buyer mansion tax tied to a $1,000,000 threshold in Connecticut. That said, town recording fees and title charges apply. Ask your closing team for the current fee schedule in your specific town.

Key takeaways on taxes

• In Westchester, budget for the buyer mansion tax at $1,000,000 or more and for mortgage recording tax if you finance.
• In Fairfield, expect conveyance tax to be set by custom and contract, often the seller’s cost, and fixed recording fees for deed and mortgage.
• Always ask your attorney and title company to confirm which party pays each tax and fee in your deal.

Professional and title costs

Attorneys and representation

In Westchester, buyers commonly retain a real estate attorney for contract, title review, and closing. Typical fees range from several hundred to a few thousand dollars for standard transactions, often in the $1,000 to $3,000 range, with more for complex deals. In Fairfield, many buyers also use attorneys, though some rely on a title closing attorney through the title company. Request a written fee quote early.

Title search and title insurance

You will pay for a title search and one-time title insurance premiums at closing. Premiums are based on state-filed rate tables and scale with price, often a few thousand dollars at higher values. Expect both an owner’s policy and a lender’s policy if you finance. Who pays the owner’s policy varies by market, so confirm and, if important, negotiate.

Settlement and recording fees

Both counties have settlement or closing agent fees and recording charges for the deed and, if applicable, the mortgage. These are typically modest fixed fees but vary by town and by the number of documents and pages. Ask your title company and town clerk for the current schedule.

Lender prepaids and escrows

Prepaid interest

When you close, you will usually prepay daily interest on your new mortgage from the day after closing to your first payment date. Your lender will calculate this per diem amount on your Loan Estimate.

Insurance and property taxes

Lenders typically require you to pay the first year of homeowner’s insurance at closing. They also collect initial escrow deposits for future tax and insurance payments. Plan for several months of taxes and insurance to seed the escrow account. The exact number of months depends on your lender and loan program.

HOA and condo items

If you are buying a condo or a home with an association, budget for application or transfer fees, move-in charges, and possibly a few months of prepaid dues. Ask for the association’s fee schedule and any required reserve contributions as soon as you are under contract.

Lender and third-party fees

Expect standard lender costs like origination, underwriting or commitment fees, appraisal, credit report, and if needed, flood determination and survey. If your down payment is below 20% on certain loan types, factor in private mortgage insurance or a program-specific upfront premium.

Budgeting checklist and worksheet

Copy this list into a notes app or spreadsheet and request written line-item estimates from your lender, title company, and attorney. Mark who pays each item and the source you used to confirm it.

• Down payment — Estimated $ — Who pays — Confirm with
• NY mansion tax (if Westchester and at or above $1,000,000) — Estimated $ — Who pays — Confirm with
• Mortgage recording tax (if financing, NY) — Estimated $ — Who pays — Confirm with
• Transfer or conveyance tax (state/local) — Estimated $ — Who pays — Confirm with
• Title insurance (owner and lender) — Estimated $ — Who pays — Confirm with
• Attorney fees — Estimated $ — Who pays — Confirm with
• Appraisal, inspections, survey — Estimated $ — Who pays — Confirm with
• Recording fees (deed and mortgage) — Estimated $ — Who pays — Confirm with
• Prepaid mortgage interest — Estimated $ — Who pays — Confirm with
• First-year homeowner’s insurance — Estimated $ — Who pays — Confirm with
• Initial escrow for taxes and insurance — Estimated $ — Who pays — Confirm with
• HOA or condo transfer fees and prepaid dues — Estimated $ — Who pays — Confirm with
• Lender origination and third-party fees — Estimated $ — Who pays — Confirm with
• Miscellaneous (wire, courier, notary) — Estimated $ — Who pays — Confirm with

Illustrative examples to frame your budget

These are rough planning examples only. Always verify with your closing team.

• Westchester purchase at $1,000,000 with 20% down and a mortgage:

  • Mansion tax: about 1% of price (about $10,000) if buyer is responsible.
  • Title, attorney, recording, prepaids, insurance, and lender fees: often total around 1.5% to 3.0% of price, depending on lender and escrow requirements.
  • Mortgage recording tax: adds several thousand dollars depending on loan size and county components.

• Fairfield purchase at $1,000,000 with 20% down and a mortgage:

  • No buyer mansion tax at a $1,000,000 threshold is typical; confirm if any conveyance tax is allocated to you by contract.
  • Title, attorney, recording, prepaids, insurance, and lender fees: similar categories to NY, often in comparable percentage ranges, but composition differs due to fixed recording fees and no percentage mortgage tax.

Contract points to confirm

• Which party pays each tax and fee, including any state transfer or conveyance tax, title premiums, settlement charges, and HOA transfer fees.
• Whether the seller will pay for the owner’s title policy or if that is your obligation in the local custom.
• Any lender-related tax treatment and the estimated mortgage recording tax if you finance in New York.
• The choice of settlement agent and how that impacts total fees and timing.

Who to contact for estimates

1. Lender: Loan Estimate, prepaid interest, escrow deposits, lender fees, mortgage recording tax, and insurance requirements.
2. Title company or settlement agent: owner and lender title premiums, closing fee, gap coverage, and recording fee schedule.
3. Buyer’s attorney: a written fee quote and guidance on local custom for who pays which items.
4. Town or county clerk: current recording fees and any local transfer charges in your specific town.
5. State and county tax authorities: who pays any transfer or conveyance taxes and available exemptions.
6. HOA or condo management: estoppel, transfer fees, reserves, and move-in policies.
7. Insurance agent: first-year premium and whether the lender requires it to be escrowed at closing.

You do not have to navigate this alone. If you are weighing Westchester against Fairfield, you benefit from clear budgeting up front and one senior advisor who can coordinate across jurisdictions. For discreet guidance and transaction planning, connect with Kara Cugno.

FAQs

What is the NY mansion tax for Westchester buyers?

• New York charges buyers a 1% mansion tax on residential purchases at or above $1,000,000 in Westchester, separate from other transfer or recording charges.

Does Connecticut have a buyer mansion tax at $1,000,000?

• No, Connecticut does not impose a blanket buyer mansion tax at $1,000,000, though conveyance taxes exist and are often treated as the seller’s cost by custom and contract.

What is the mortgage recording tax in New York?

• It is a percentage-based tax due when recording a mortgage in New York, commonly paid by the borrower at closing, with rates that vary by locality and lender type.

Who usually pays Connecticut’s conveyance tax in Fairfield?

• By local custom the seller often pays, but it is a contract point that can vary by town and should be confirmed with your attorney.

What prepaids and escrows should I expect as a buyer?

• Plan for prepaid mortgage interest, the first year of homeowner’s insurance, and several months of property taxes and insurance to seed your escrow account.

How much should I budget for attorneys and title work?

• Many buyers see attorney fees in the $1,000 to $3,000 range for routine deals and title insurance premiums that scale with price; request written quotes for your property.